Option ARM Recast Data Sought; Contingency Plans Requested
November 9, 2009
California Attorney General Edmund Brown has asked 10 top banks and loan servicers in the state to provide information on payment option ARMs with rates due to reset soon and the steps they have taken to help borrowers avoid foreclosure. Letters from the AG’s office were sent to: Bank of America; Wells Fargo; JPMorgan Chase; Litton Loan Servicing; ResCap; Ocwen Financial Corp.; OneWest Bank...